Starting Price

The starting price is set by the auctioneer or auction house and is usually based on a valuation of the item and the expected interest and demand from potential bidders. It serves as the starting point for the bidding contest, in which participants place bids to increase the price.
The starting price is an important factor that influences the dynamics and progress of an auction. A starting price that is too high can discourage potential bidders, while a low starting price can increase interest and activity. Auction houses and auctioneers endeavour to set the optimum starting price to ensure a competitive and exciting auction while achieving the best possible price for the item for sale.
Overall, the starting price acts as the starting point and first step in an auction, setting the initial price at which bidding begins.